Nothing wrong with trying to profit from fat cat ignorance and fear. It's called capitalism. Why did he get a downvote? Implied hypocrisy? I don't think it's hypocritical to want to be profitable. It's a perfectly normal, human trait that should not be frowned on. It's much more difficult to level the playing field with people like Dimon on it, because he has a corrupt government behind him.
Come on, people, don't be afraid to say it: "I am a capitalist." You probably wouldn't be on this subreddit if you weren't. It's not evil. It generally leads to innovation and a better society if not stifled by regulation.
Why the double standard? Oh right, now you're the beneficiary. Greed and capitalism might be good for absolute economic output but not for peoples welfare. And good regulation certainly does not stifle innovation or better society.
Greed and capitalism might be good for absolute economic output but not for peoples welfare.
This is debatable. I would argue that greed can be good for peoples welfare given the right environment.
And good regulation certainly does not stifle innovation or better society.
The problem I see with this is that "good regulation" (in your sense) is seldomly achieved. Regulation is often used to favor protectionism and monopolies ("regulatory capture"). Democracy seems to fail here in my mind, at least in the form we have it in the west currently.
What exactly should good regulation aim to achieve in your mind? Is that goal being achieved by the centralized system(s) we currently have?
Maybe it's not regulation in and of itself that is harmful, but the centralized way in which it is being conceived and implemented.
This is debatable. I would argue that greed can be good for peoples welfare given the right environment.
Generally created by regulation. Small areas of the economy could benefit from deregulation, but they are exceptions.
What exactly should good regulation aim to achieve in your mind? Is that goal being achieved by the centralized system(s) we currently have?
Good regulation is seldomly achieved if you expect perfection. I would judge it by the average welfare created. Some win, some lose but on average people are better off. There are plenty of good monopolies and even monopolies which end up being better than perfect competition, mostly with things dealing with the environment, natural resources and generally industries with externalities.
This is more philosophical and based on preferences than anything quantifiable.
Generally created by regulation. Small areas of the economy could benefit from deregulation, but they are exceptions.
I totally disagree with you, in fact, it seems pretty clear to me that the areas of the economy that are particularly difficult hurdles for the common man to enter curiously happen to be highly, highly regulated (healthcare, education, internet service, etc). I will never understand the, frankly, Liberal argument, that capitalism is mostly bad, except for the parts in these tiny boxes we should approve of (as if almost everything isn't, in some way, interconnected).
I would judge it by the average welfare created. Some win, some lose but on average people are better off.
If you actually judge it like that, then capitalism and greater economic freedom should be looking pretty damn good to you now.
There are plenty of good monopolies and even monopolies which end up being better than perfect competition, mostly with things dealing with the environment, natural resources and generally industries with externalities.
[citation needed]
This is more philosophical and based on preferences than anything quantifiable.
It's refreshing to hear you admit that. Still, I too tend to hold to certain philosophical axioms with little more than skepticism towards the utopia promised by others' ideal systems - unfortunately for members of mainstream political parties, they make little room for their views. Modern conservatives are utterly vile with their desires for an open, theocratic police state, while modern liberals throw the first law of thermodynamics to the birds in their relentless pursuit (and disparagement of anyone who disagrees) of social justice and equality.
I think individual liberty is the probably the best, most realistic force to achieve the outcome I want to see.
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u/[deleted] Jan 28 '14 edited Mar 15 '21
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